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Strategies & Market Trends : Value Investing
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To: Marc Fortier who wrote (21216)5/1/2005 7:16:05 PM
From: Mark Marcellus   of 78898
 
I agree that WMT is becoming very interesting. One item that concerns me is the negative working capital. I understand that part of this is due to their outstanding cash conversion cycle, where the customer has often purchased an item before they have paid their supplier for it, but I still wonder. In particular, the accrued liabilities line on the balance sheet has me confused. It looks like it may reflect hedging activities, but I'm having trouble understanding how that all works. Unfortunately, my time is not my own until mid May, so I won't have a chance to investigate further until then.
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